Reading Time: 2 minutes Despite mounting recession fears and geopolitical risk, gold has struggled to gain substantial traction in the face of the Federal Reserve’s resolve to keeping inflation under control. Gold will find immediate resistance at $1680 and $1700 next week.
Reading Time: 2 minutes Despite another hefty rate hike by the Federal Reserve, precious metals prices are struggling this week.Nonetheless, the danger of escalation in the Russia-Ukraine war lends some support to the safe-haven precious metal.
Reading Time: < 1 minute Gold prices are extremely volatile around $1700. FED Chair Jerome Powell said the central bank needed to “act soon” and “forthrightly” to manage inflation, raising the probability of a 75 basis point raise when it meets on September 21-22
Reading Time: < 1 minute Jerome Powell lays out intentions to prioritise inflation over all other worries, causing risk assets to fall. Gold prices fell sharply, as Jerome Powell came and went, spooking the market.
Reading Time: 2 minutes Precious Metals declined over 3% for the week as mixed news raises concerns about whether the emerging US recession would worsen or the dollar will regain strength as the Federal Reserve considers additional large rate hikes.
Reading Time: < 1 minute Fears of a recession are escalating as the USD gains in response to a triple miss and contraction in France, Germany, and the Eurozone Manufacturing PMIs, the first contractions in almost two years. As a result, investors’ appetite for risky investments will be waned and this will be supportive for precious metals.
Reading Time: 2 minutes Gold fell for the sixth week in a row and fell below $1700 for the first time in over a year. Europeans are dealing with something unthinkable just a few months ago: the euro approaching parity with the US dollar. This means that 1 EUR is equal to 1 USD. The euro last went below the dollar in November 2002
Reading Time: 2 minutes Gold lost more than 3% on a weekly basis in international markets, but due to import duty hike, it’s almost unchanged in domestic levels. Once the crisis is passed, gold should shine. Rising interest rates may continue to put downward pressure on the yellow metal for some time, but when they do, gold will have a wide-open field to run in.
Reading Time: 2 minutes Gold rebounds above $1800 from a five-month low as US yields tumble. US yields spiked to the downside. Meanwhile India govt raised Gold import duty from effective 10.75% to 15%